A cut in the state’s commercial lease sales tax, from 4.5% to 2.0%, will begin on June 1, weeks earlier than originally expected. TALLAHASSEE, Fla. — Business owners will see an earlier-than-anticipated reduction to the state’s lease tax, beginning in June rather than July, state leaders said. Florida’s commercial lease sales tax rate, also known as the Business Rent Tax, will be reduced from 4.5% to 2.0%, providing Florida employers with at least an estimated $1 billion in tax relief beginning June 1, FloridaCommerce said. The 2.5% reduction was originally slated to begin July 1. “By slashing Florida’s commercial lease
Read More

By Alex Veiga Today’s average rate on a 30-year home loan is just under 7%, not far from the historical average. Still, some homebuyers say they’re waiting for rates to drop. LOS ANGELES — Shop for a home now or hold out for the possibility of lower mortgage rates? That question is confronting many home shoppers this spring homebuying season. Lower rates give home shoppers more financial breathing room, so holding out for a more attractive rate can make a big difference, especially for first-time homebuyers who often struggle to find an affordable home. However, there’s a potential downside to
Read More

The April NAHB/Wells Fargo HMI survey showed that 22% of builders cut home prices in April, down from 24% in March and 36% in December 2023. WASHINGTON – Builder confidence in the market for newly built single-family homes remained unchanged in April from the previous month when it hit its highest level since July 2023, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The builder confidence index remains at 51, breaking a four-month period of gains. The HMI, nonetheless, remains above the key breakeven point of 50. At the same time mortgage rates have
Read More

The Florida Department of Agriculture’s finalized rules regarding foreign-buyer registration for agricultural property ownership took effect April 4. ORLANDO, Fla. – The Florida Department of Agriculture and Consumer Affairs Division of Consumer Services finalized its rules that prohibit certain foreign principals from owning, having a controlling interest in or acquiring more than a de minimis indirect interest in Florida land classified as agricultural by the property appraiser for tax assessment purposes as defined by s. 193.461, F.S. The rules, which became effective on April 4, relate to the 2023 Florida law “Conveyances to Foreign Entities” in Florida Statutes Chapter 692.
Read More

Potential flippers should understand the process of home flipping before jumping in. Some of the common unknowns include the tax benefits. NEW YORK — In recent years, home sellers have experienced record profits as the value of real estate has risen dramatically. Bankrate indicates the median home price across the United States is around $486,000. Flipping homes gained popularity prior to the spike in real estate prices, but that increase has led some novices to consider flipping more closely. Though it’s true the chances at turning a large profit are substantial in a market where high prices are the norm,
Read More

Clint Strauch, president of Florida Peninsula Insurance, says the 2% average rate decrease shows the property insurance market is stabilizing. TALLAHASSEE, Fla. – Pointing to changes made by state lawmakers, Florida Peninsula Insurance Co. on Thursday announced a 2% average reduction in property insurance rates for homeowners. The Boca Raton-based insurer said the reduction will take effect July 15 for new customers and Aug. 1 for customers renewing coverage. Florida lawmakers during the past two years made a series of changes to try to bolster the property insurance market as carriers dropped customers and increased rates because of financial problems.
Read More

By Elizabeth Renter Inventory is likely to rise this spring and throughout the summer on schedule with traditional seasonal trends. Buyers should target the late summer or early fall. NEW YORK – Let’s cut right to the chase: 2024 will not be an easy year for the nation’s home buyers. The shortage of available homes will continue, which will hold prices aloft. And though mortgage rates may come down a bit throughout the year, they’ll continue to play a major role in affordability for buyers who need a home loan. The pandemic disrupted many things, not the least of which
Read More

By Christopher Rugaber Fed policymakers need more confidence that inflation is steadily slowing to their target level before a rate cut. Interest rates affect mortgage rates. WASHINGTON – Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year. Prices outside the volatile food and energy categories rose 0.4% from February to March, the same accelerated pace as in the previous month. Measured
Read More

By Alex Veiga The average rate on a 30-year mortgage rose to 6.88% this week — the highest level since early March. Rates on 15-year fixed-rate mortgages rose to 6.16%. LOS ANGELES — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales. The average rate on a 30-year mortgage rose to 6.88% from 6.82% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%. When mortgage rates rise, they can add hundreds of
Read More

A JPMorgan strategist said 1.6 million new homes are under construction and housing completions in February hitting their highest level in 17 years. WASHINGTON – Stephanie Aliaga, global market strategist at JPMorgan, said that the housing market “was one of the hardest-hit areas of the economy when the Fed began raising rates, but there are signs activity has turned a corner.” When mortgage interest rates skyrocketed to nearly 8% in October 2023, homeowners stayed put because they didn’t want to lose their lower mortgage rates. Aliaga, however, said, “This supply is beginning to thaw, with our measure of seasonally adjusted
Read More